Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company has experienced a decline in revenue and net profit in 2024, with total revenue of 6.27 billion yuan, down 1.75% year-on-year, and a net profit of 0.95 billion yuan, down 33.49% year-on-year [5] - Despite the overall market downturn, the company has managed to increase its market share in the retail segment, with pipeline sales volume growing by 2.30% to 300,400 tons in 2024 [5] - The company's core business, PPR pipes, remains stable, while new business initiatives and overseas expansion have shown significant growth, with overseas revenue increasing by 26.65% to 0.36 billion yuan [5] - The company has a high dividend payout ratio of 99%, distributing a total of 0.78 billion yuan in cash dividends [5] Financial Summary - The company forecasts a gradual recovery in revenue, with expected revenues of 6.58 billion yuan in 2025, representing a growth rate of 4.96% [6] - Projected net profit for 2025 is 1.06 billion yuan, reflecting an increase of 11.55% [6] - The earnings per share (EPS) is expected to rise from 0.60 yuan in 2024 to 0.67 yuan in 2025 [6] - The company’s gross margin is projected to stabilize around 41.85% in 2025 [8] - The total assets are expected to grow from 66.32 billion yuan in 2024 to 67.63 billion yuan in 2025 [7]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [1]. Core Insights - The company achieved a stable revenue performance in a challenging market environment, with 2024 revenue at 6.27 billion yuan, a year-on-year decrease of 1.8%, and a net profit of 953 million yuan, down 33.5% year-on-year [6]. - The company plans to distribute a total cash dividend of 9.43 billion yuan for 2024, which represents 99% of its net profit, reflecting a strong commitment to shareholder returns [6]. - Despite a decrease in net profit due to increased sales expenses and reduced investment income, the company continues to invest in brand and channel development, which is expected to strengthen its market position over time [6]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 6.27 billion yuan in 2024 to 8.61 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10.3% [5]. - The net profit is expected to recover from 953 million yuan in 2024 to 1.55 billion yuan in 2027, with corresponding price-to-earnings ratios of 16, 13, and 12 for the years 2025, 2026, and 2027 respectively [5][6]. - The gross margin is forecasted to stabilize around 41.6% to 41.7% from 2025 to 2027, indicating a consistent profitability outlook [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [25]. Core Views - The company reported a revenue of 6.267 billion yuan in 2024, a decrease of 1.75% year-on-year, and a net profit attributable to shareholders of 953 million yuan, down 33.49% year-on-year [4][6]. - The company is facing intense market competition, with a decline in demand due to weakened real estate and infrastructure investments, leading to a challenging operating environment [5][6]. - The company is actively pursuing international expansion, with overseas revenue reaching 358 million yuan, a growth of 26.65% year-on-year, indicating a positive trend in its international strategy [5][6]. Financial Performance Summary - Revenue and Profit Forecast: - 2023A: Revenue of 6.378 billion yuan, net profit of 1.432 billion yuan - 2024A: Revenue of 6.267 billion yuan, net profit of 953 million yuan - 2025E: Revenue of 6.583 billion yuan, net profit of 1.025 billion yuan - 2026E: Revenue of 6.929 billion yuan, net profit of 1.105 billion yuan - 2027E: Revenue of 7.311 billion yuan, net profit of 1.220 billion yuan [3][6]. - Profitability Metrics: - Gross margin for 2024 is reported at 41.72%, a decrease of 2.59 percentage points year-on-year [5][6]. - The company aims for a revenue target of 6.580 billion yuan in 2025, representing a 5% increase year-on-year [5][6]. Market Position and Strategy - The company is expanding its product categories and enhancing its marketing strategies to adapt to market changes and competition [5][6]. - The company has implemented significant cash dividends, distributing 1.00 yuan per share in the first half of 2024 and planning to distribute 5.00 yuan per share for the full year, totaling 943 million yuan, which reflects its strong cash flow and low debt ratio [5][6].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, indicating challenges in the market and increased competition within the industry [1][2][3] Financial Performance - In 2024, the company achieved revenue of 6.267 billion yuan, a year-on-year decrease of 1.75% [1][2] - The net profit attributable to shareholders was 953 million yuan, down 33.49% year-on-year [1] - The fourth quarter of 2024 saw revenue of 2.494 billion yuan, a decline of 5.26% year-on-year, with net profit of 329 million yuan, down 41.09% [1] Product Performance - The company’s pipeline product sales reached 300,435 tons, an increase of 2.30% year-on-year, while production was 302,453 tons, nearly unchanged [2] - Revenue by product category showed declines: PPR series at 2.939 billion yuan (-1.72%), PE series at 1.423 billion yuan (-6.90%), PVC series at 0.827 billion yuan (-8.09%) [2] Market Strategy - The company is actively pursuing international expansion, with overseas revenue reaching 358 million yuan, a growth of 26.65% year-on-year [2] - The company is focusing on its "same circle" industry chain expansion to counteract pressures from the real estate and infrastructure sectors [1] Profitability and Costs - The gross profit margin for 2024 was 41.72%, a decrease of 2.59 percentage points year-on-year [3] - Total expenses increased to 1.389 billion yuan from 1.265 billion yuan in the previous year, leading to a rise in the expense ratio from 19.83% to 22.16% [3] Future Outlook - The company aims for a revenue target of 6.580 billion yuan in 2025, representing a 5% increase [4] - A significant cash dividend of 5.00 yuan per 10 shares is planned for 2024, totaling 786 million yuan, reflecting strong cash flow and low debt levels [4] Investment Perspective - The company is expected to achieve net profits of 1.025 billion yuan, 1.105 billion yuan, and 1.220 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 18.2, 16.9, and 15.3 [5]

伟星新材（002372）发布2024年年报，2024年实现营业收入62.67亿元，同比下降1.75%；归母净利润 9.53亿元，同比下降33.49%。 全年业绩下降超三成，但Q4环比回升。公司2024年实现营业收入为62.67亿元，同比下降1.75%；实现 归母净利润为9.53亿元，同比下降33.49%。 基本每股收益0.61元，同比下降32.22%。公司拟向全体股东每10股派发现金红利5.00元（含税）。其中 Q4单季度，公司实现营业收入24.94亿元，同比下降5.26%，但环比增长74.46%；实现归母净利润3.29亿 元，同比下降41.09%，环比增长15.73%。公司全年业绩同比下降超三成，主要由于面对市场需求疲 软、行业竞争加剧的现状，公司进一步加大市场投入与品牌推广力度，销售费用同比增加1.16亿元；合 营企业东鹏合立的投资收益较上年同期减少1.67亿元；收购公司商誉减值准备增加7397.17万元。 销量小幅增长，毛利率维持较高水平。公司2024年管道生产30.24万吨，同比下降0.02%；销售30.04万 吨，同比增长2.3%。其中PPR/PE/PVC营业收入分别29.38亿/14.23亿/8. ...

伟星新材（002372） 证券研究报告 零售市占率稳步提升，高分红仍具投资价值 经营韧性较强，高分红提升股东回报 公司 2024 年实现收入 62.67 亿，同比-1.75%，归母、扣非净利润为 9.53、 9.17 亿，同比-33.49%、-28.08%，非经常性损益为 0.36 亿，同比减少 1.21 亿，主要系 23 年取得东鹏合立投资收益较多；Q4 实现收入 24.9 亿，同比 -5.26%，归母、扣非净利润为 3.3、3.1 亿，同比-41.09%、-28.72%，四季度 业绩承压主要系单季度毛利率下滑以及资产减值损失同比增加 0.74 亿。公 司 24 年度拟派发现金分红 7.86 亿，累计全年现金分红 9.43 亿，分红比例 99%，对应 4/15 收盘价股息率为 5.05%，高分红提升投资回报。考虑到市 场竞争加剧以及行业需求疲软等因素，我们预计公司 25-27 年归母净利润 为 10.2、11.1、12.1 亿（前值 25、26 年预测 12.8、14.4 亿），对应 PE 为 18.21、16.83、15.35 倍，维持"买入"评级。 零售市占率稳步提升，毛利率仍有改善空间 零售市场占有率 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 13.2 CNY, compared to the current stock price of 11.72 CNY [5]. Core Views - The company's revenue for 2024 was 6.267 billion CNY, a year-over-year decrease of 1.75%, with a net profit of 953 million CNY, down 33.49% year-over-year. The decline in net profit was greater than the revenue decline due to multiple factors including decreased gross margin, increased expense ratio, reduced investment income, and increased impairment [2][3]. - The "Same Circle" business segment maintained growth, with revenue from waterproof and other products increasing by 12.94% year-over-year, while the engineering business experienced a decline, significantly impacting overall revenue [2][4]. - The company proposed a cash dividend of 5.00 CNY per 10 shares, significantly increasing the dividend payout ratio, which reflects a commitment to returning value to shareholders [4][8]. Revenue and Profitability - In 2024, the company's sales gross margin was 41.72%, a decrease of 2.6 percentage points year-over-year, primarily due to intensified market competition and the lower margin of acquired companies. The gross margin for Q4 was 40.56%, down 4.32 percentage points year-over-year [3]. - The company’s operating cash flow decreased by 16.49% year-over-year, amounting to 1.147 billion CNY [3]. Financial Forecast - The company is expected to achieve revenues of 6.581 billion CNY, 7.124 billion CNY, and 7.708 billion CNY for 2025, 2026, and 2027 respectively, representing year-over-year growth rates of 5.02%, 8.24%, and 8.20%. The net profit forecasts for the same years are 1.051 billion CNY, 1.196 billion CNY, and 1.344 billion CNY, with respective growth rates of 10.29%, 13.83%, and 12.40% [8][10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company is expected to achieve a revenue of 6.267 billion in 2024, a decrease of 1.75% year-on-year, with a net profit attributable to the parent company of 952.67 million, reflecting a significant decline of 33.49% [1]. - The company plans to distribute a cash dividend of 786 million for 2024, resulting in a high dividend payout ratio of 99%, which enhances shareholder returns [1]. - Despite challenges such as increased market competition and weak industry demand, the company is projected to see a gradual recovery in net profit from 1.024 billion in 2025 to 1.215 billion in 2027 [1]. Revenue and Profitability - The retail market share is steadily increasing, with revenues from PPR, PE, and PVC products in 2024 at 2.939 billion, 1.423 billion, and 0.827 billion respectively, showing declines of 1.72%, 6.9%, and 8.09% year-on-year [2]. - The overall gross margin for the company in 2024 is expected to be 41.7%, down 2.59 percentage points from the previous year, with a quarterly gross margin of 40.56% in Q4 [4]. Business Growth and Expansion - The company’s waterproof and other products achieved a revenue of 1.033 billion in 2024, marking a year-on-year growth of 12.94%, indicating successful penetration in the market [3]. - The overseas business generated revenue of 358 million, reflecting a growth of 26.65%, with ongoing international expansion efforts in Singapore and Thailand [3]. Financial Data and Forecast - The company’s financial projections indicate a gradual increase in revenue from 6.632 billion in 2025 to 7.669 billion in 2027, with corresponding net profits expected to rise from 1.025 billion to 1.216 billion [5][12]. - The projected price-to-earnings (P/E) ratios for the next three years are 18.21, 16.83, and 15.35, suggesting a favorable valuation trend [5]. Cost and Expense Management - The company’s selling expenses increased by 14.04% year-on-year, primarily due to enhanced marketing efforts, contributing to an overall increase in the period expense ratio to 22.16% [4]. - Asset and credit impairment losses rose significantly, impacting profitability, with net profit margins declining to 15.32% in 2024 [4].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][8] Core Views - The company reported a revenue of 6.267 billion yuan in 2024, a year-on-year decrease of 1.75%, and a net profit attributable to shareholders of 953 million yuan, down 33.49% year-on-year. Despite the overall decline, the fourth quarter showed a recovery with a revenue of 2.494 billion yuan, a quarter-on-quarter increase of 74.46% [6] - The company maintains a high gross profit margin of 41.97%, although it decreased by 2.61% compared to the previous year. The sales volume of pipes slightly increased, with a total production of 302,400 tons, a decrease of 0.02% year-on-year, while sales reached 300,400 tons, an increase of 2.3% year-on-year [6] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares (including tax), reflecting its commitment to shareholder returns [6] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 6.267 billion yuan and a net profit of 953 million yuan, with basic earnings per share of 0.61 yuan, down 32.22% year-on-year. The fourth quarter showed a revenue of 2.494 billion yuan, down 5.26% year-on-year but up 74.46% quarter-on-quarter [6][7] - The company’s return on equity (ROE) for the trailing twelve months (TTM) is 18.71% [5] Sales and Margins - The sales revenue from PPR, PE, and PVC products were 2.938 billion yuan, 1.423 billion yuan, and 827 million yuan, respectively, with year-on-year changes of -1.72%, -6.9%, and -8.09% [6] - The gross profit margins for PPR, PE, and PVC were 56.47%, 31.4%, and 21.75%, respectively, showing a decline compared to the previous year [6] Expenses - Total sales expenses increased to 948 million yuan, a year-on-year increase of 14.04%. The overall expense ratio for 2024 was 22.17%, an increase of 2.34 percentage points from 2023 [6][7] Future Outlook - The company is positioned as a technological leader in the domestic PPR pipe industry, with a strong competitive moat. Future infrastructure investments and a recovery in the real estate market are expected to drive demand [6] - The company’s strategic planning aims to enhance market share and strengthen risk control, which is anticipated to lead to sustainable and steady growth [6]

证券研究报告 伟星新材 (002372 CH) 减值短周期扰动，品牌实力稳固 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 16 日│中国内地 | 其他建材 | 伟星新材 2024 年实现营收 62.67 亿元（yoy-1.75%），归母净利 9.53 亿元 （yoy-33.49%），扣非净利 9.17 亿元（yoy-28.08%）。其中 4Q 实现营收 24.94 亿元（yoy-5.26%，qoq+74.46%），归母净利 3.29 亿元（yoy-41.09%， qoq+15.73%），4Q 归母净利略低于我们此前预期（4.19 亿），主因新并购 公司业务整合偏缓，造成商誉减值损失，但考虑到公司零售品牌力稳固，家 装以旧换新扩围催化下，我们预计消费建材零售或有提振，维持"买入"。 核心 PPR 产品收入/毛利率相对平稳，零售品牌力再次得到验证 24 年公司实现管材销量 30 万吨，同比+2.3%，但管材综合单位售价同比 -6.4%，收入增长放缓，其中 PPR/PE/PVC 管分别实现收入 29.38/14.23/8.27 亿元， ...